Founder of Tron, Justin Sun made comments on Twitter. To Sun, there will be competition between BitTorrent and Facebook on who to launch the crypto first.

According to reports, Facebook is developing a cryptocurrency that allows users to transfer money on its Whatsapp messaging application. This answers popular demand for the company to move into financial services.

Founder of Tron, Justin Sun made comments on Twitter. To Sun, there will be competition between BitTorrent and Facebook on who to launch the crypto first. Moreover, quoting his tweet:

He also posted tweets about the rapid progress of Tron. According to Sun, the blockchain now has more than 50 Dapps, and are fast approaching a target of 80 Dapps. Also, statistics also show that Tron broke the record for the most transactions with 308829 transactions yesterday.

America online social media company, Facebook, is joining the crypto-community. The social networking service company is making a cryptocurrency that allows customers to run transactions on its WhatsApp messaging app. According to reports, the focus will be on the remittances market in India.

Intricacies of Plan

Facebook, will be creating a stablecoin, a digital currency pegged to the U.S. dollar. It will be used to eliminate volatility. The social media company is far from releasing the coin. This is because it’s still working on its strategy. The strategy includes a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin.

The American company, Facebook, was expected to venture into financial services for a while now. In 2014, the company employed former President of PayPal, David Marcus, to be in charge of its Messenger app.

This year, Facebook has been on a hiring spree. In May, the company made Marcus the head of its company’s blockchain initiatives. About 40 persons are employing on its blockchain group, according to LinkedIn.
Following the steps of many other companies, Facebook is also exploring the power of blockchain technology.

The company’s spokesman said: “This new small team is exploring many different applications. We don’t have anything further to share”. However, this development has attracted several responses.

Move In The Right Direction

The online social media company, Facebook, has about 2.5 billion users worldwide. It also generates about $40 billion in annual revenue and has great experience navigating regulatory issues.

This gives it the opportunity of becoming a stablecoin that stays. If the deal becomes a reality, it would be the first large technology company to launch such a project. Moreover, in the past, the company had a broken relationship with India.

However, the social media company still sees tremendous growth opportunity in the country. Asian country, India, has about 480 million internet users, only China tops it. According to Forrester Research, the figures hope to be up to 737 million by 2022.

What is your take on the prospects of Facebook in the crypto-community? You can share your opinion on this topic and lots more on our Twitter and Telegram pages

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Justin Sun- Who Will Launch The Crypto First "BitTorrent" or "Facebook"?

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Founder of Tron, Justin Sun made comments on Twitter. To Sun, there will be competition between BitTorrent and Facebook on who to launch the crypto first.

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.